Federal Bank ties up with TMW to launch NFC-based prepaidcard

Leading mid-size private sector lender Federal Bank today announced a strategic tie up with the wallet service provider the Mobile Wallet (TMW) to offer 'tap & go'-enabled Mastercard prepaid card using the near field communication (NFC) technology.

The service will offer Federal Bank consumers a hybrid banking platform that offers services of a bank and convenience of a wallet. For this the bank has also tied up with MasterCard.

Commenting on the tie up, Vinay Kalantri, TMW founder said, "this tie-up with Federal Bank and Mastercard will act as an enabler to deliver fintech services that truly fit the needs of both the business and consumers in future.

The city-based TMW has its presence in 175 cities and is targeting for over 350 cities by the end of the year, and a merchant base of 50,000.